M/S HERITAGE EDUCATIONAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

217 Taxman 337 (All): "Therefore, the term "benefit" would cover a case of one way flow of privilege and advantage to the persons of prohibited category, our of the funds, property or income of the trust" CIT Vs. Shreeram Memorial Foundation 269 ITR 35, the Delhi High Court held that as the Trust had given loan without adequate security

M/S HERITAGE EDUCATIONAL SOCIETY,CHANDIGARH vs. DCIT, C-1, (E), CHANDIGARH

217 Taxman 337 (All): "Therefore, the term "benefit" would cover a case of one way flow of privilege and advantage to the persons of prohibited category, our of the funds, property or income of the trust" CIT Vs. Shreeram Memorial Foundation 269 ITR 35, the Delhi High Court held that as the Trust had given loan without adequate security

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things to provide reasons/justification for purchase with documentary evidence and also to produce the broker through whom shares transactions were undertaken on the stock exchange, parties who purchased the shares and the Directors

SANJAY SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things to provide reasons/justification for purchase with documentary evidence and also to produce the broker through whom shares transactions were undertaken on the stock exchange, parties who purchased the shares and the Directors

ANIKET SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things to provide reasons/justification for purchase with documentary evidence and also to produce the broker through whom shares transactions were undertaken on the stock exchange, parties who purchased the shares and the Directors

SANJAY SINGAL (HUF),NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH , CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things to provide reasons/justification for purchase with documentary evidence and also to produce the broker through whom shares transactions were undertaken on the stock exchange, parties who purchased the shares and the Directors

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

1) dated 13.10.2017 (Page 214 -15 of the PB) asked the Assessee to give details of the exempt Long-term Capital Gains and, among other things to provide reasons/justification for purchase with documentary evidence and also to produce the broker through whom shares transactions were undertaken on the stock exchange, parties who purchased the shares and the Directors

ANIKET SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

In the result, all the above appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 939/Chd/2025 निर्धारण वर्ष / Assessment Year : 2016-17 Shri Aniket Singal बनाम The DCIT 4, Amritashergil Marg, New Delhi- 110003 Central Circle-1 Chandigarh स्थायी लेखा सं./ PAN NO: CZCPS6126E अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 1145/Chd/2025 निर्धारण वर्ष / Assessment Year : 2017-18 Smt. Aarti Singal बनाम The DCIT 53, Jor Bagh, New Delhi-110003 Central Circle-1 Chandigarh स

c) The assessee has not given the details of mode of payment received or paid to the broker. (d) The assessee is not having any knowledge about the business of the company whose shares were sold by him. (e) The assessee has not been able to know how he came to know about the company whose shares were purchased/sold

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH

In the result, all the above appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY, AM आयकर अपील सं. / ITA No. 939/Chd/2025 निर्धारण वर्ष / Assessment Year : 2016-17 Shri Aniket Singal बनाम The DCIT Central Circle-1 Chandigarh 4, Amritashergil Marg, New Delhi- 110003 स्थायी लेखा सं./ PAN NO: CZCPS6126E अपीलार्थी/Appellant प्रत्यर्थी / Respondent आयकर अपील सं. / ITA No. 1145/Chd/2025 निर्धारण वर्ष / Assessment Year : 2017-18 Smt. Aarti Singal बनाम The DCIT Central Circle-1 Chandigarh 53, Jor Bagh, New Delhi-110003 स

c) The assessee has not given the details of mode of payment received or paid to the broker. (d) The assessee is not having any knowledge about the business of the company whose shares were sold by him. (e) The assessee has not been able to know how he came to know about the company whose shares were purchased/sold

WINSOME TEXTILE INDUSTRIES LIMITED,CHANDIGARH vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), CHANDIGARH, CHANDIGARH

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

capital account and Rs. 38,30,88,075/- in securities premium account pertaining to five parties for which details were sought by the Assessing Officer. The assessee furnished information on 14th December, 2018. However, it is relevant to point out that the issue relating to GDR receipts is not part of the reasons recorded for reassessment proceeding against which notice

ACIT, CIRCLE, SHIMLA vs. SHRI VINOD SHARMA, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 1449/Chd/2019 "नधा"रण वष" / Assessment Year: 2015-16 The Acit, Vs. Shri Vinod Sharma, बनाम B-1/3, Circle, Safdarjang Enclave, Shimla New Delhi 110029 "थायी लेखा सं./Pan No: Abkps1560N अपीलाथ"/ Appellant ""यथ"/ Repsondent (Hybrid Mode ) "नधा"रती क" ओर से/Assessee By : Sh. Vishal Mohan, Sr. Advocate With Shri Ahninav Bazwaria, Advocate राज"व क" ओर से/ Revenue By : Smt. Kusum Bansal, Cit Dr सुनवाई क" तार"ख/Date Of Hearing : 10.06.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 09.07.2024

217/-. However, the AO disallowed the claim on the grounds that the assessee had entered into an agreement dated 10.02.2006 and therefore the date of agreement be treated as the date of acquisition, which falls beyond the period of one year prior to the date of transfer prescribed under section 54 of the Income-tax Act, owing the judgment

INDIAN SULPHACID INDUSTRIES LIMITED,NEW DELHI vs. PR.CIT, KARNAL

The appeal of the assessee stands allowed

Bench: Ms. Annapurna Gupta & Shri R.L. Negi

1,59,000/- dated 04.02.2013 and 20.04.2013 respectively were though debited to profit and Loss account but since the work done was in dispute and thus assessee never recorded such invoice earlier. Intact, in current year also, on perusal of mere ledger account your goodself will observe that assessee company has once debited Rs.54,000/- and Rs.1

DCIT, C-5, LUDHIANA vs. M/S HERO CYCLES LTD., LUDHIANA

In the result, appeal of the Department is dismissed and the Cross

C. Chandrakanta, CIT सुनवाई क" तार"ख/Date of Hearing : 15/04/2021 उदघोषणा क" तार"ख/Date of Pronouncement : 15/06/2021 आदेश/Order PER N.K. SAINI, VICE PRESIDENT The appeal by the Department and the Cross Objection by the Assessee are directed against the order dt. 09/08/2017 of Ld. CIT(A)-2, Ludhiana. 2. At the first instance we will deal with

M/S GREATER MOHALI AREA DEVELOPMENT AUTHORITY,MOHALI vs. DCIT, C-6(1), MOHALI

In the result, the appeal of the assessee is hereby dismissed

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumarassessment Year : 2009-10

capital receipt of the assessee but is a deposit on behalf of Punjab Government. Hence, addition made is liable to be deleted. 3. The assessee in this appeal has agitated the reopening of assessment u/s 147 of the Income-tax Act, 1961 (in short 'the Act') by the Assessing officer on the ground that the External Development Charges (hereby referred